LONDON (Alliance News) - SME finance provider 1pm PLC on Wednesday said it has acquired Bradgate Business Finance Ltd for up to GBP2.8 million in cash and shares.
1pm will pay GBP2.2 million in cash, with the remainder to be covered by share issues over the next three years, dependent on Bradgate meeting performance targets.
Bradgate provides asset finance services to clients buying equipment in the construction, recycling and haulage sectors.
1pm said the acquisition will complement its existing financing business and expand its presence to new SME sectors.
"This transaction is further proof of the group's intent to build a significant asset finance and business loans group through a combination of strong organic growth and carefully selected acquisitions. The acquisition of BBFL adds the hard assets category, new SME business sectors and valuable management experience to our existing asset finance offering," said 1pm Chief Executive Ian Smith.
Shares in 1pm were up 2.3% to 61.35 pence early Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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